operations and business initiatives; (3) the results of our clinical and pre-clinical development of our product candidates; (4) the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approvals of our product candidates; (5) risks related to doing business in China; and (6) other factors identified in our most recent annual and quarterly reports and in other reports we have filed with the U.S. Securities and Exchange Commission $(SEC.UK)$. We anticipate that subsequent events and developments will cause our expectations and assumptions to change, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Our SEC filings can be found on our website at www.zailaboratory.com and on the SEC's website at www.SEC.gov.
Zai Lab Limited Unaudited Condensed Consolidated Balance Sheets (in
thousands of U.S. dollars ($), except for number of shares and per share
data)
September 30, December 31,
2024 2023
-------------- -------------
Assets
Current assets
Cash and cash equivalents 616,086 790,151
Restricted cash, current 100,000 --
Short-term investments -- 16,300
Accounts receivable (net of allowance
for credit losses of $14 and $17 as
of September 30, 2024 and December
31, 2023, respectively) 49,970 59,199
Notes receivable 19,278 6,134
Inventories, net 39,548 44,827
Prepayments and other current assets 35,667 22,995
-------------- -------------
Total current assets 860,549 939,606
Restricted cash, non-current 1,118 1,113
Long term investments 3,153 9,220
Prepayments for equipment 32 111
Property and equipment, net 50,765 53,734
Operating lease right-of-use assets 12,833 14,844
Land use rights, net 3,012 3,069
Intangible assets, net 51,669 13,389
Long-term deposits 975 1,209
Value added tax recoverable 1,240 --
-------------- -------------
Total assets 985,346 1,036,295
============== =============
Liabilities and shareholders' equity
Current liabilities
Accounts payable 120,652 112,991
Current operating lease liabilities 6,585 7,104
Short-term debt 112,994 --
Other current liabilities 46,084 82,972
-------------- -------------
Total current liabilities 286,315 203,067
-------------- -------------
Deferred income 24,924 28,738
Non-current operating lease
liabilities 6,113 8,047
Other non-current liabilities 325 325
-------------- -------------
Total liabilities 317,677 240,177
-------------- -------------
Commitments and contingencies
Shareholders' equity
Ordinary shares (par value of
$0.000006 per share;
5,000,000,000 shares
authorized; 989,268,370 and
977,151,270 shares issued as
of September 30, 2024 and
December 31, 2023,
respectively; 984,356,170 and
972,239,070 shares outstanding
as of September 30, 2024 and
December 31, 2023,
respectively) 6 6
Additional paid-in capital 3,031,628 2,975,302
Accumulated deficit (2,371,399) (2,195,980)
Accumulated other comprehensive
income 28,270 37,626
Treasury Stock (at cost,
4,912,200 shares as of both
September 30, 2024 and
December 31, 2023) (20,836) (20,836)
-------------- -------------
Total shareholders' equity 667,669 796,118
-------------- -------------
Total liabilities and shareholders' equity 985,346 1,036,295
============== =============
Zai Lab Limited
Unaudited Condensed Consolidated Statements of Operations
(in thousands of $, except for number of shares and per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ ------------------------
2024 2023 2024 2023
Revenues
Product revenue,
net 101,847 69,228 289,102 200,889
Collaboration
revenue 418 -- 816 --
----------- ----------- ----------- -----------
Total revenues 102,265 69,228 289,918 200,889
Expenses
Cost of product
revenue (36,569) (25,479) (105,336) (70,579)
Cost of
collaboration
revenue (348) -- (433) --
Research and
development (65,982) (58,767) (182,252) (183,920)
Selling,
general, and
administrative (67,219) (68,552) (216,123) (198,982)
Gain on sale of
intellectual
property -- -- -- 10,000
----------- ----------- ----------- -----------
Loss from operations (67,853) (83,570) (214,226) (242,592)
Interest income 9,029 9,172 28,017 29,493
Interest expense (745) -- (1,350) --
Foreign currency
gains (losses) 14,457 4,852 8,281 (26,315)
Other income,
net 3,441 394 3,859 223
----------- ----------- ----------- -----------
Loss before income tax (41,671) (69,152) (175,419) (239,191)
Income tax expense -- -- -- --
----------- ----------- ----------- -----------
Net loss (41,671) (69,152) (175,419) (239,191)
=========== =========== =========== ===========
Loss per share - basic
and diluted (0.04) (0.07) (0.18) (0.25)
Weighted-average
shares used in
calculating net loss
per ordinary share -
basic and diluted 981,687,390 968,767,730 976,941,030 965,060,570
Zai Lab Limited
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(in thousands of $)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2024 2023 2024 2023
Net loss (41,671) (69,152) (175,419) (239,191)
Other comprehensive
income, net of tax of
nil:
Foreign currency
translation
adjustments (14,503) (4,228) (9,356) 22,267
--------- --------- --------- ---------
Comprehensive loss (56,174) (73,380) (184,775) (216,924)
Zai Lab Limited
Non-GAAP Measures
($ in thousands)
Growth on a Constant Exchange Rate $(CER.UK)$ Basis
Three Months Ended Year over Year % Nine Months Ended Year over Year %
September 30, Growth September 30, Growth
------------------- ---------------- -------------------- -----------------
As At As
2024 2023 reported CER* 2024 2023 reported At CER*
-------- --------- -------- ------ --------- --------- -------- -------
Product
revenue,
net 101,847 69,228 47% 46% 289,102 200,889 44% 45%
Loss from
operations (67,853) (83,570) (19)% (20)% (214,226) (242,592) (12)% (11)%
* The growth rates at CER were calculated assuming the same foreign currency exchange rates were in effect for the current and prior year periods.
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